INCOME TAX : Where Assessing Officer estimated income of assessee at rate of 12.5 per cent on contractual receipts and upon making such estimation, allowed depreciation under section 32 but subsequently, by invoking powers under section 154, Assessing Officer added depreciation to income of assessee, since deduction of depreciation from gross income which is computed on basis of estimation on main contractual receipts is a debatable question of law and fact,INCOME TAX : Where Assessing Officer estimated income of assessee at rate of 12.5 per cent on contractual receipts and upon making such estimation, allowed depreciation under section 32 but subsequently, by invoking powers under section 154, Assessing Officer added depreciation to income of assessee, since deduction of depreciation from gross income which is computed on basis of estimation on main contractual receipts is a debatable question of law and fact,www.taxmann.com Latest Case LawsRead More
